Stott v Australian Securities and Investments Commission, in the matter of Kosen-Rufu Pty Ltd (Deregistered) [2021] FCA 1222

Stott v Australian Securities and Investments Commission, in the matter of Kosen-Rufu Pty Ltd (Deregistered) [2021] FCA 1222

Ms Stott is a person aggrieved as deregistration of the company deprived her (as sole beneficiary of the SMSF for which the company was trustee) of the right to have the company participate in legal proceedings and potential settlement. It is just to reinstate the company, as her honest mistake should not deprive her of this opportunity, there is no prejudice to others, and reinstatement facilitates access to potentially valuable legal rights.

Parties
Plaintiff: Trudy Stott; First Defendant: Australian Securities and Investments Commission; Second Defendant: Kosen-Rufu Pty Ltd ACN 158 119 781
Jurisdiction
Australia
Judgment Date
08 October 2021
Procedural Posture
Application for Reinstatement of Deregistered Company / Judgment on Application
Outcome
Application granted: ASIC directed to reinstate Kosen-Rufu Pty Ltd.
Legal Topics
Reinstatement of Deregistered Company, Corporations Act 2001 (cth) S 601 AH, Self Managed Superannuation Funds, Standing Under S 601 Ah(2)
Corporations Law Reinstatement of Deregistered Company Corporations Act 2001 (cth) S 601 AH Self Managed Superannuation Funds Standing Under S 601 Ah(2)

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Parties

Trudy Stott

Plaintiff

Australian Securities and Investments Commission

First Defendant

Kosen-Rufu Pty Ltd ACN 158 119 781

Second Defendant

Procedural Posture

Application for Reinstatement of Deregistered Company / Judgment on Application

Legal Issues

  1. 1 Whether the applicant is a 'person aggrieved' by the deregistration for the purposes of s 601AH(2) of the Corporations Act 2001 (Cth)
  2. 2 Whether it is just that the registration of Kosen-Rufu Pty Ltd be reinstated

Ratio Decidendi

Ms Stott is a person aggrieved as deregistration of the company deprived her (as sole beneficiary of the SMSF for which the company was trustee) of the right to have the company participate in legal proceedings and potential settlement. It is just to reinstate the company, as her honest mistake should not deprive her of this opportunity, there is no prejudice to others, and reinstatement facilitates access to potentially valuable legal rights.

Court Disposition

Application granted: ASIC directed to reinstate Kosen-Rufu Pty Ltd.

Orders

  • ASIC to reinstate Kosen-Rufu Pty Ltd (ACN 158 119 781) by 5 pm on Monday, 18 October 2021.
  • No order as to costs.